US stainless steel processor buying prices remained mostly unchanged on Friday, despite a drop in LME nickel prices.
The daily Davis Index for 304 scrap solids was flat at 55¢/lb delivered processor yard and 316 solids held at 74¢/lb for single truckloads.
Scrap 304 turnings were unchanged at 49¢/lb, while 316 turnings increased by a penny to 63¢/lb on Friday.
Buying prices could move in the next week if there is a significant change on LME Nickel. A small drop in nickel prices on the LME on Friday, for instance, held prices at current levels. LME nickel prices dropped by $70/mt from Thursday with the official three-month LME Nickel contract settling at $12,745/mt on Friday. The official cash contract closed Friday at $12,710/mt, down by $90/mt from Thursday.